Many worthwhile professional endeavors often kick off with well-outlined, favorably drafted contracts. The terms of services often culminate in gratifying working conditions and the discharge of optimum services while they last. It is no different for physicians and medical practice in general. A physician’s contract refers to a legal agreement between a physician and an intermediary/carrier, stating the terms of service for medical practice before employment. This article discusses tips that would come in handy in negotiating a physician’s contract. Read on to find out how physicians can better negotiate their contracts and prevent mistakes during contract review!
3 Tips To Make Negotiating Physicians’ Contract Easier
- Go Through Your Contract Painstakingly
A thorough contract review – for clarity and accuracy – is essential for an ideal physician’s contract. While going through the contents of a legal agreement, one should not just cast a cursory glance through the contents of the contract. Instead, there is a need to go through the terms and conditions painstakingly. This would foster a better understanding of the agreement and help one make better decisions. In addition, it will help pick out subtle unfavorable terms that may lurk behind benign words. Nonetheless, some segments of the agreement seem obscure or incomprehensible. In this case, it is advisable to consult the services of an expert legal practitioner for clarity.
- Be Aware of Your Value
One of the most effective tools in a physician’s contract – or any legal agreement – is an awareness of one’s actual worth. First, one must define the potential value of one’s services and negotiate to this effect. Market value” is often determined by the degree of experience, skill, and accomplishments in one’s field. Ideally, one’s worth attracts commensurate contract terms. However, ignorance of this may make one settle for less. Moreover, an overinflation of one’s value is just as troublesome as an underinflation. For objective assessment, one could use contemporaries in similar fields as a yardstick of market value.
- Have an Alternative Plan in Hand
A backup plan is another card one should have in their arsenal during negotiation. In other words, one is ready to switch up if prospective legal agreements fall through. Besides the apparent safety that comes from a plan B, a backup plan also has beneficial psychological implications. A person who goes into a negotiation with a backup plan makes more rational decisions and is less prone to unnecessary compromise than otherwise. It could significantly affect the intricacies of the outcome of the negotiation of a physician’s contract.
The diligent study of contract terms, consulting help, knowing one’s value, and having an alternative plan go a long way in getting a physician’s contract with favorable conditions. It is noteworthy that physicians may get an offer letter in the latter stages of the negotiation process. However, it doesn’t mean that the terms are in stone. Until one signs the agreement, one can still change the terms. It is also essential that whatever periods may be agreed upon are gotten in writing instead of verbal terms. This is because they are inflexible compared to verbal terms.
Naomi Olson [Website • Twitter • Headshot]
I am a CFP® (Certified Financial Planner).
I have a severe phobia of bridges and dirty balance sheets.
Hobbies: blogging, meditation, and loving Bull Market (my dog).